Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.
Figure 33.1Refer to Figure 33.1. The opportunity cost of producing a bushel of alfalfa in the United States is
A. half a bushel of soybeans.
B. 1 bushel of soybeans.
C. 2 bushels of soybeans.
D. 300 bushels of soybeans.
Answer: A
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The standard way to measure the effect of debt in an economy is the stock of debt relative to the GDP
Indicate whether the statement is true or false
It has been recommended in Congress, on occasion, that the progressive income tax be converted into a proportional tax, with everyone paying the same tax rate. Is this a good proposal?
What will be an ideal response?
Goods and services purchased from international sources are
A. Net imports. B. Net exports. C. Exports. D. Imports.
One of the dangers of growing government debt is that:
A. it makes monetary policy more difficult by tying up more of the money supply in loans to the government. B. it pushes down interest rates which can lead to overspending by households and businesses. C. more of the budget goes to pay interest on the debt, making it harder to act in a future recession. D. debts have to be repaid with future income.